Wells Fargo Upgrades Snap to Overweight, Raises Price Target to $22
Portfolio Pulse from Benzinga Newsdesk
Wells Fargo analyst Ken Gawrelski has upgraded Snap Inc. (NYSE:SNAP) from Equal-Weight to Overweight and increased the price target from $8 to $22, indicating a positive outlook on the company's future performance.
December 11, 2023 | 12:57 pm
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POSITIVE IMPACT
Wells Fargo's upgrade of Snap to Overweight and a significant raise in price target from $8 to $22 suggests a strong bullish sentiment on the stock's potential.
Analyst upgrades typically lead to a positive short-term reaction in the stock market as they reflect an expectation of improved performance or valuation. The substantial increase in the price target from $8 to $22 by a reputable financial institution like Wells Fargo is likely to instill confidence among investors and could result in a short-term increase in Snap's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100